Singapore’s base oils exports rose to an eleven-month high in July, adding to a pick-up in shipments from other key regional suppliers like South Korea and Taiwan.The island-state’s total exports of 203,000 tonnes in July rose from a twenty-month low of 140,500 tonnes the previous month, government data showed.Base oils exports rose at a time of year when demand faced a seasonal slowdown in key markets like China and India.Rising exports and lower demand raised the prospect of a pick-up in surplus supply and downward pressure on prices.Asia’s outright base oils prices continued to trend lower in July and August in response to the more muted demand, especially for light grades.But prices held unusually firm relative to regional gasoil prices, especially compared with the same time last year.The firm margins suggested that any rise in surplus supply in the region was at a level that curbed pressure on refiners to adjust production or prices more sharply.Regional supply got a boost from a rebound shipments from Singapore in July.But its average shipments of around 172,000 tonnes/month in June and July combined were closer to this year’s average export levels.South Korea’s base oils exports rose in July but remained lower than usual.Saudi Arabia’s base oils exports fell to a five-month low in July, curbing flows to markets like India and UAE.A closed arbitrage slashed the flow of shipments from the US to markets like India in July, with the trend likely extending into this month.Singapore’s base oils exports showed signs of falling sharply in August from July, including a slowdown in shipments to key outlets like China and especially India.But the city-state’s supply could get a boost from signs of increasingly regular imports from the US.Singapore's total imports of 59,600 tonnes in July rose to a five-month high mostly because of a surge in shipments from countries that produce Group III base oils.Imports got a further lift from the delivery of more than 14,000 tonnes of base oils from the US.The shipment lifted Singapore's total imports from the US to more than 50,000 tonnes in the first seven months of this year, up from less than 3,000 tonnes during the same period last year.The trend extended into August, when another large shipment from the US reached Singapore..S Korea July base oils exports stay lower.Taiwan’s July base oils exports rise.US’ June base oils/lube exports rise
